Mumbai, April 28 Domestic equity markets traded lower in early morning session on Tuesday as investors remained cautious amid persistent geopolitical tensions between the US and Iran.
Sensex declined as much as 0.42 per cent or 330 points to hit an intraday low of 76,973, while Nifty slipped 0.38 per cent, or 93 points, to trade at 23,999 in the early hours.
On the sectoral front, Nifty PSU Bank, Nifty Private Bank, Nifty Pharma, Nifty Healthcare and Nifty FMCG indices were among the top laggards, falling up to 1 per cent. In contrast, Nifty MidSmall IT and Telecom, Nifty MidSmall Healthcare, Nifty Consumer Durables and Nifty Realty indices were among the gainers.
Among Nifty constituents, Eternal, Bajaj Auto, Axis Bank, HDFC Life, IndiGo, Bajaj Finserv and Trent were the top losers.
However, broader markets showed resilience, with smallcap, microcap, and midcap indices trading up to nearly 1 per cent higher. Nifty Smallcap 250, Nifty Microcap 250, and Nifty Midcap 150 were in the green.
Earlier in the session, the 30-share Sensex opened at 77,094.79, while the 50-share Nifty began at 24,049.90.
A market expert said that "Nifty remains range-bound, with support at 23,800–23,700 and resistance at 24,200–24,300. A decisive move above 24,500 is required to sustain bullish momentum."
Banking stocks are showing signs of consolidation, while pharma and FMCG may see selective buying in a volatile market, the expert added.
Global sentiment remained fragile as market participants closely tracked developments in the ongoing US-Iran conflict and its potential impact on energy markets and global trade.
According to reports, US President Donald Trump was "not satisfied" with Iran’s proposal as it did not address the country’s nuclear programme. “He doesn’t love the proposal,” a US official said.
Trump had discussed the proposal with his top national security aides. The conflict remains at a stalemate, with energy supplies from the region affected.
However, Iran has reportedly offered to reopen the Strait of Hormuz if the US lifts its blockade and hostilities end.
In the commodities market, Brent crude rose 1 per cent to $109.46 per barrel, while US West Texas Intermediate (WTI) gained 1.22 per cent to $97.55.
Asian markets traded on a mixed note, with Japan’s Nikkei down about 1 per cent, while South Korea’s Kospi was up around 1 per cent. Hong Kong’s Hang Seng was trading nearly 1 per cent lower.
On Wall Street, US markets ended marginally higher, with the S&P 500 gaining 0.12 per cent to 7,173.93 and the Nasdaq rising 0.20 per cent to 24,887.10.
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